Atlanta, GA-based MDH Partners has completed the $19.1-million purchase of a 138,670-square-foot industrial property in Danville, VA. Seller AeroFarms, a corporation engaged in indoor vertical farming, simultaneously leased back the property under a net lease with an initial term of 20 years.

“MDH Partners is extremely excited to own the AeroFarms Danville property due to the area’s low-cost business climate and efficient transportation network, AeroFarms proven commercial leadership, and alignment with our sustainability-conscious approach to business,” said Houston Hawley, VP of acquisitions at MDH Partners. “AeroFarms revolutionary farming methods are what we need to help solve some of our most pressing agriculture challenges, and we are excited to enter into a long-term relationship.”

“AeroFarms has created the world’s largest indoor vertical farm of its kind using our Model 5 growing technology for unprecedented productivity,” added David Rosenberg, co-founder and CEO of AeroFarms. “Our commercial transaction for the property with MDH Partners is an example of how to scale long-term in a capital-efficient manner.”

The acquisition increases MDH Partners’ VA footprint to over 650,000 square feet. The company currently owns over 95 properties across 20 states, including nearly six million square feet of industrial assets throughout the US acquired in the last 18 months.